Group Deposit

This is a new and attractive scheme which is beneficial to all sorts of customers. Any member of the Bank, either ‘A’ class or ‘C’ class can join the scheme, as per terms and conditions in the approved subsidiary regulations. Members shall be categorized into different Groups of members with 40 Members in every Group and the scheme will be projected for the stipulated term of months. On its maturity, the amount will be refunded to the depositor with Interest. Loan will be issued to members under this scheme upto maximum of 80% of the Group Scheme. Interest will be charged and security should be offered.

For the purpose of availing financial assistance under the scheme, a meeting of all the members will be convened at the premises of the branches at a fixed time on a fixed day every month. The amount collected as deposit in each group may be advanced to any member who has offered the maximum bonus commission which should not exceed 25%. In case more than one person applies for the assistance, the beneficiary will be chosen through negotiation or taking lot. 5% of the deposit will be charged as guarantee commission, the bonus commission in each group will be distributed equally among all the depositors. The depositors need pay only the remainder portion of amount as premium for the next months.

Group Deposit Account can be opened by

• The depositor who wants should be member of the bank.
• Customer Information File (CIF) form (for new accounts
• Account opening form, duly signed by the account holders.
• Introduction from existing account holder.
• Photograph of account holders.
• Photo identity such as photocopy of PAN Card, addhar, Voters ID, Driving License, etc.
• Proof of residence in the form of photocopy of Ration Card, Electricity / Telephone bill, etc.
• If the address in addhar, Voters ID, Driving License, etc... (ID Proofs) is same as the residence address, the separate residence address proof is not required.